Russian wheat prices continue to fall

19-Nov-2024 09:31 AM

Russian wheat prices continue to fall
Russian wheat prices are continuing their downward trend, with the latest data from the IKAR agency showing a drop of $2 in the price of 12.5% protein wheat to $226 per ton (FOB) for the December-January period. This marks a significant price reduction, which could be attributed to various factors including market fluctuations, global supply conditions, and possibly changes in Russia's wheat production or export dynamics.

Exports of wheat from Russia remain strong, with 10.2 lakh tonnes (1.02 million tonnes) shipped out last week. The country's wheat exports are expected to reach 40 lakh tonnes (4 million tonnes) in November 2024, surpassing the 32 lakh tonnes (3.2 million tonnes) exported in November 2023. This increase suggests that Russia continues to maintain its position as a major global wheat exporter despite the price decline.

These export figures are significant not only for the Russian agricultural sector but also for global wheat markets, as Russia is one of the world's leading wheat producers and exporters.